How to Sell Crypto on Webull
The crypto market has continued to create millionaires, just as more people have come to embrace the concept of digital currency.
According to a report published by CNBC, about 50% of millennial millionaires have a minimum of 25% of their wealth in crypto assets.
As the crypto market attracts more players, more trading platforms have continued to emerge. One such crypto trading platform is Webull.
Selling Crypto on Webull
Selling cryptocurrency on Webull is seamless and more straightforward than most leading crypto exchanges. Here are the few steps you need to follow to sell your crypto asset on Webull:
Login to your Webull Account
To sell your crypto on Webull, log in to your crypto account on Webull and then click on your portfolio or assets at the top left corner of your screen. When you click on the assets icon, it will open up a page that contains all your crypto assets like BTC, ETH, LTC, DOGE, etc.
Select the crypto asset to sell
Once logged in to your account, select the crypto asset you want to sell. After doing that, you will see two options: "sell to close" and "Buy." Click on "sell to close." Once you have clicked on it, you will be redirected to the next page where you will sell.
Sell using "Limit" or "Market" order
On this page, you want to sell your crypto asset using the limit order, which is the price you would want your asset to be sold on the platform.
On the other hand, you can decide to sell your asset using the current market price for the asset. You can do that by selecting the option on the "Order Type" icon on the page.
For example, if the current price of BTC is $16,000, and you want to sell when it hits $16,500, all you have to do is set your limit order to $16,500. Alternatively, you can sell on the spot using the market price of $16,000.
Select the number quantity of the crypto asset you want to sell
After selecting either the limit order or the market order, the next task is to input the number of the asset you want to sell. Depending on your choice, you can decide to sell all your crypto assets or a fraction of them. After you have inputted all these details, then go ahead and click on the sell icon at the bottom of your screen.
Confirm your transaction
Once you click on the sell option, a confirmation prompt will pop up on your screen. Carefully go through the details of the asset quantity, limit or market order, and ensure everything is in the correct order.
If all are as you want, go ahead and click on the "confirm" button, and the trade will be executed. After selling the asset, the fiat equivalent will be automatically credited to your Webull account, and you can transfer the money to your bank account.
What is the Webull Platform?
Webull is both a crypto trading platform and a brokerage firm that allows you to buy and sell stocks.
The platform was founded in 2017 by Wang Anquan and has been dubbed the 'Chinese Robinhood.' Like Robinhood, Webull allows users to trade both traditional securities and crypto.
Webull Financial LLC is a registered company regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Additionally, Webull is a member of the Securities Investor Protection Corporation (SIPC). As a body, SIPC protects up to 500,000 USD (including 250,000 USD in cash) against the loss of securities and cash in possession of Webull users.
For Webull, the crypto assets execution and custody are Apex Crypto LLC, which is neither a registered broker-dealer nor a member of FINRA. Apex Crypto LLC is also not insured by FDIC or SIPC.
How the Webull Crypto Platform Works
Unlike most crypto exchanges that are riddled with numerous processes and procedures, Webull allows you to trade crypto directly and not as futures.
Additionally, you can access price quotes on other crypto assets. With Webull's direct crypto trading approach, beginners can easily carry out transactions. However, Webull does not have a crypto wallet. The platform allows you to buy and sell crypto assets, but you cannot transfer your crypto outside the platform.
On Webull, every user has what is called Webull's Buying Power. It is your buying power for crypto assets and is displayed at the bottom of the crypto buying ticket.
Your crypto buying power is equivalent to the amount of fiat you have available to withdraw.
If your crypto buying power on Webull does not equal your cash balance, then you haven't completely settled your full cash balance. It will take a few days of trading for your cash balance to settle.
Webull Commission and Fees
Webull allows users to buy and sell their crypto assets without charging them fees or commissions. However, your short-term gains will be taxed using your ordinary income tax rate.
Additionally, your long-term gain will be taxed either at 0%, 15%, or 20% and is based on your ordinary income tax bracket.
Webull offers an incredibly easy-to-use platform for crypto and stock traders to participate seamlessly in the markets. However, users must not mistake the easy-to-use interface for rollercoaster crypto investing and trading.
Also, if you are the type that enjoys trading both stocks and crypto, then Webull is well-suited to meet your trading needs.